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IIC Continues To Support Small And Medium-Size Companies In Mexico

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10/07/1999

IIC's funding will contribute to the development of the export sector of Mexico WASHINGTON, D.C. - On September 24, 1999, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a $6 million loan to Banco del Bajío, S.A. in Mexico.

The IIC loan will promote the development of small and medium-size Mexican companies by providing them with medium to long-term financing through subloans. The funding also will allow Banco del Bajío to expand its activities, contributing to foreign exchange generation in key sectors such as industry, manufacturing, mining, tourism, construction, the chemical industry, and agribusiness.

The credit facility is expected to help create 360 jobs, generate $6 million in annual export earnings, and contribute more than $24 million annually to the Mexico's GDP.